YEAR EVENTS
1958 - The company was incorporated under the name of Greaves
Foundry
Services (Pvt) Ltd. on 22nd March. The company was later
converted into a Public Limited Company on 14th December
1972.
The company was originally promoted as a joint venture
between
Foundry Services (Holdings) Ltd. (now Foseco plc) U.K. and
Greaves Ltd., Mumbai. The offerors and Foseco plc. have an
equal
equity holding of 50% each in the Company.
- The company manufactures foundry chemicals, foundry fluxes
for
the metallurgical industry including the steel and foundry
industry.
- Technology for the products are provided by Foseco Companies
abroad and by the Company's R&D Centre. It has access to
Foseco
technologies on an ongoing basis for existing products and
for
improvements to existing products.
1993 - 53,64,480 No. of Equity shares issued to promoters (Of these
26,82,240 shares each to Foseco plc. U.K. and Greaves Ltd.
respectively). During November, the Company issued 1,09,479
No.
of equity shares of Rs. 10 each at a premium of Rs. 65 per
shares.
- During November 1997, the Company offered for sale of
26,82,240
No. of equity shares of Rs. 10 each at a premium of Rs. 50
per
share as follows:
- (i) 1,34,112 No. of equity shares at a price of Rs 60 per
share
on preferential basis to the employees (only 75,300 shares
taken
up),
- (ii) Balance 25,48,128 No. of equity shares of Rs 60 each
were
offered as sale to the public along with 58,812 No. of equity
shares not taken up by employees.
1996 - The Objects of the Issue is to disinvest equity shares held
by
Greaves Ltd. to Greaves foseco Ltd., and to have the shares
of
the Company listed on the Stock Exchange.
1997 - Performance of the Company was adversely affected due to weak
demand for metallurgical products throughout the year.
1998 - A new plant will be commissioned at Sanaswadi in April which
will
introduce a new range of products in the automotive foundry
business.
- 52,97,480 shares are allotted as fully paid-up by way of bonus
shares by capitalising the General Reserve.
- 13,500 shares are allotted as fully paid up pursuant to a
contract without payment being received in cash.
- 27,91,719 shares are held by Foseco plc. (holding company)
and
its nominees.
- A voluntary retirement scheme was formulated by the Company
for
the workmen and staff at its Jamshedpur Works.
1999 - Foseco is a wholly owned subsidiary of Foseco, UK, which
holds
a 51 per cent stake. The parent has been magnanimous in
providing with technical and subsidiary support. The
company's
plants are located at Pune, Calcutta, Jamshedpur, Jammu and
Mettapalayam, Pondincerry.
- The company has also been successful in introducing value
added
chemicals in an effort to gain market share. It has been
focusing on marketing its products rather than just selling
them,
by changing its portfolio to meet its customer requirements.
- FOSECO India Ltd (FIL), which closed its Jammu plant and its
Mumbai office on March 31, will review operations of its
Chinchwad plant by the end of this quarter.
- FIL's rationalisation drive, which has lead to the closure of
its Jammu plant, has resulted in a voluntary retirement
scheme
(VRS) for its 23 workers and 14 officers while the closure of
its Mumbai office has lead to five staff members and five
officers accepting a VRS package as reflected in the results
for
the first quarter.
- The Company has shut down its Calcutta operations and offered
a
VRS to its workers.
2000 - The Company has entered into an agreement with Central
Depository
Services (India) Ltd. (CDSL) and National Security
Depository Ltd. (NSDL)
for dematerialisation of the securities for all the
shareholders.
2001
-Announced its open offer to shareholders of Foseco India Ltd for
acquisition of 12.79 lakh fully paid-up equity shares of face value
Rs 10 per share
2004
- The Board has recommended a final dividend of Rs 2/-, per Equity
Share.
- Foseco India sets target of 10% share in global market.
2005
- The Board has recommended 40% dividend (Re 1/- final dividend and
Rs 3/- special dividend) for the year ended December 31, 2004 subject
to the approval of the shareholders.
2006
- The Board has recommended a final dividend at Rs 5.50 per equity
share of Rs 10/- each for the year ended December 31, 2005, which in
addition to the cumulative interim dividend of 115% brings the total
dividend to 170%.
2007
- Mr. Sanjay Mathur is appointed as Managing Director of the
Company.
2009
- The Board has recommended payment of a final dividend of Rs 1.50
per equity share.
2010
- The Board has recommended a final dividend for the year 2009 of
Rs. 7/- per equity share.
- Mr. Aditya Jakotia has been appointed as Company Secretary of the
Company.
2011
- The Board has recommended payment of a final dividend of Rs. 7/-
per equity share.
2012
- The Board has recommended a final dividend for the year 2011 of
Rs. 7/- per equity share.
- Mr. Pradeep Mallick is appointed as Chairman of the board.
- Mr. Christopher Nail is appointed as Additional Director of the
Company.
2013
-Foseco India Ltd has appointed Ajit Shah as an Additional Director
of the Company for the year 2013.
2014
-Board recommended hasfinal dividend of Rs. 15.50 per equity share of
Rs. 10/- each for the year 2014.